Egypt expects to finalise IMF loan’s third tranche in four months

Egypt expects to finalise the third tranche of a $12 billion International Monetary Fund loan in four months, Minister of Investment and International Cooperation Sahar Nasr said Monday.

Nasr made these remarks during an interview with Bloomberg’s David Westin to discuss rebranding and investing in Egypt.

Egypt agreed with the IMF in November on a $12 billion three-year loan programme to support government efforts to reduce its budget deficit and balance its currency market.

Egypt received the first tranche of $2.75 billion on November 12.

“Egypt is implementing a strong economic reform programme to help the economy return to its full potential, achieve more growth and create more jobs. We recognize the sacrifices made and the difficulties faced by many Egyptian citizens, especially due to high inflation.” IMF managing director Christine Lagarde said earlier this month following her meeting with Egyptian President Abdel Fattah al-Sisi in Washington.